What document must be kept by the merchant in a Point-of-Purchase transaction?

What document must be kept by the merchant in a Point-of-Purchase transaction?

• A. Copy of the Check
• B. Transaction Receipt
• C. Customer Signature
• D. Cheque Book

Answer: (B)

In a Point-of-Purchase (POP) transaction, it is essential for the merchant to keep a transaction receipt. This receipt serves as proof of the transaction and includes important details such as the transaction amount, date, time, and the items purchased. Retaining this documentation is critical for both merchants and customers as it can be used for returns, exchanges, and verifying the transaction if any disputes arise. This requirement ensures accountability and transparency in the transaction process. While other options like a copy of the check or customer signature might have their own relevance in some contexts, they do not fulfill the same role of comprehensively documenting the transaction details as effectively as the transaction receipt does. The cheque book is irrelevant in a standard POP transaction, as these transactions are typically processed through electronic means rather than physical checks.

In a Point-of-Purchase (POP) transaction, it is essential for the merchant to keep a transaction receipt. This receipt serves as proof of the transaction and includes important details such as the transaction amount, date, time, and the items purchased. Retaining this documentation is critical for both merchants and customers as it can be used for returns, exchanges, and verifying the transaction if any disputes arise.

This requirement ensures accountability and transparency in the transaction process. While other options like a copy of the check or customer signature might have their own relevance in some contexts, they do not fulfill the same role of comprehensively documenting the transaction details as effectively as the transaction receipt does. The cheque book is irrelevant in a standard POP transaction, as these transactions are typically processed through electronic means rather than physical checks.